Affiliate DisclosureDailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about.
Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Huzefa Hamid
In recent years, Southeast Asia has recorded considerable growth in Forex trading. Singapore’s thriving economy and ideal business climate create a favorable environment for the Forex industry, which is rapidly developing there. Below you may find the best Singapore Forex broker for your trading needs.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all-around: high floating leverage + fast execution
We have made FXTM our top-rated broker because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.
Unique Features
Headquarters
Cyprus
Regulation
CySEC, FCA, FSC, CMA
Year Founded
2011
Type of Broker
Instant/Market Execution
Minimum Deposit
$10
Maximum Leverage
Flexible
Type of Platform
MetaTrader 4, MetaTrader 5
FXTM, or “ForexTime”, has been around for a long time: they were founded in 2011. Recent years have seen them continue to steadily expand their business, and they are well- regulated by the U.K., Cyprus, Mauritius, and South Africa. The brand is owned by private companies incorporated in the U.K., Cyprus, and Mauritius. Customers of FXTM have access to more than 57 Forex currency pairs and crosses, precious metals, the major energies, equity indices, big cryptocurrencies, and a few individual American stocks. Talking of stocks, FXTM are quite unique in the area of trading stocks, as they enable direct trading through real legal ownership, not just wrapped as CFDs like almost every other similar brokerage offers.
FXTM offers traders a choice between two of the most popular execution models: customers may open either an ECN-type account, or one that trades by “straight-through processing”. Clients have a straight choice between two trading platforms, with both MetaTrader 4 and MetaTrader 5 on offer.
Through their Mauritius regulator, FXTM offer leverage as high as 1000 to 1. In the U.K. and Cyprus, they are limited by law from offering more than 30 to 1.
If you are looking for a broker with a good copy trading program, it is worth taking a serious look at FXTM’s “FXTM Invest” copy trading program.
fpmarkets is an Australian brokerage which launched in 2005. Headquartered in Sydney, Australia’s financial capitol, they have carved out a solid niche for themselves as the best Forex / CFD broker enjoying ASIC regulation. Australian regulators are much more relaxed about leverage than their counterparts in the U.S.A., U.K., and the E.U. and so fpmarkets can offer a maximum leverage as high as 500 to 1.
For most traders, the standout unique selling point of this broker lies in the incredibly wide range of tradable assets offered, providing an opportunity to trade over ten thousand individual stocks and shares. These go beyond the typical U.S.A. and U.K. companies and include a good selection of publicly traded shares on the Hong Kong and Sydney exchanges, as you might expect from an Australasian-facing broker like fpmarkets. Also, over 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin are also on the menu here.
Unique Features
Headquarters
Australia
Regulation
CySEC, ASIC
Year Founded
2005
Type of Broker
No Dealing Desk
Minimum Deposit
$100
Maximum Leverage
1:500
Type of Platform
MetaTrader 4, MetaTrader 5, IRESS
They offer an unusual hybrid ECN/STP execution model which means that their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
Traders can scalp and hedge at this broker, whose fast ECN execution speed makes it a natural home for scalpers. Clients may choose between the MetaTrader 4 and MetaTrader 5 platforms, and shares can be traded through the IRESS trading platform which includes access to level 2 exchange data.
FP Markets Pros & Cons
Advantages
Choice of trading platforms and auxiliary trading tools
Very competitive cost structure and excellent asset selection
Low minimum deposit requirement and leverage of up to 1:500
Well-regulated and trustworthy
Disadvantages
Availability of Iress geographically restricted
Limited commodities and metals selection
FP Markets is an Australian multi-asset broker with more than $1 billion in daily trading volume, serving clients from 80+ countries. Founded in 2005 in Australia, FP Markets grew into a trusted brand over the past 15+ years with more than 100 employees. The upgraded MT4/MT5 trading platforms, via the Trader Tools consisting of twelve plug-ins, present clients with a competitive edge. We have conducted an in-depth review of this CFD broker to provide traders with a complete overview of the trading environment at FP Markets.
FP Markets Snapshot - ECN trading with leverage up to 1:500
Highly regulated, choice of fixed or floating spreads
AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.
In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.
Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.
AvaTrade Pros & Cons
Advantages
Well-regulated globally, with the Bank of Ireland, the primary regulator
Low minimum deposit and in-depth educational tools
IFC Markets is a longstanding broker having been founded in 2006 and today has 165,000 clients from 80 countries. It operates with licenses under multiple jurisdictions including the British Virgin Islands Financial Services Commission, the Malaysia Labuan Financial Services Authority, and the Cyprus Securities and Exchange Commission.
IFC has a huge number of Forex pairs available to traders, and many other markets including precious metals, equity indexes, and individual stocks. IFC Markets now has over 600 instruments available to traders.
IFC Markets developed the cutting edge NetTradeX platform for its customers for instant execution and advanced market analytics. They even go so far as to provide a video tutorial on the platform so you can get up and running straight away. If you are more familiar with the highly popular MetaTrader 4 and MetaTrader 5 platforms, IFC Markets also has those available for its customers who want to stay with the MetaTrader suite.
Advantages
Vast Educational Material
Demo Accounts
Several Trading Platforms
CySEC Regulation
Disadvantages
No Bonuses or Promotions
All their platforms can be traded on desktops, tablets, and smartphones.
Unique Features
Headquarters
Cyprus
Year Founded
2006
Type of Broker
ECN/STP
Minimum Deposit
$1
Maximum Leverage
1:400
Type of Platform
MetaTrader 4, MetaTrader 5, Proprietary platform
The company is very tech-focused having been awarded a US Patent for their Portfolio Quoting Method.
IFC Markets is best for its technological capabilities and it is best for a trader wanting a wide variety of instruments to trade.
Singapore is the largest currency center in the Asia-Pacific region. Online Forex trading is fully legalized in the country. Any citizen or foreigner can exchange any currency in any amount on online trading platforms managed by brokerage companies.
The brokers providing these services must have a license from the MAS, Singapore’s central bank.
MAS for Regulating Forex Brokers in Singapore
The Monetary Authority of Singapore (MAS) was founded in 1971. It is the country's central bank, which determines monetary policy, regulates the activities of banking and financial institutions and issues currency. MAS controls the entire financial sector of the country: banks, stock exchange traders, brokers, insurance companies, credit organizations and financial consultants.
Companies wishing to conduct financial activities in Singapore are required to obtain a MAS license to conduct business in a transparent way and conform to all the rules stipulated by the regulator. A broker wishing to offer its services in Singapore officially must obtain an appropriate license, which is issued by the MAS.
The full list of all registered companies can be found on the MAS official website. Everyone has free access to this information. The country's monetary authority accepts claims and complaints from people who have been deceived by financial companies.
MAS MoneySENSE Programs (H2)
In 2003, MAS launched a special education program with the aim of making the public more financially independent, known as theMoneySENSE Program. MAS issues ongoing consumer alerts via this program, including highlighting several risks associated with choosing an unregulated financial service provider.
One risk that traders and consumers face is false or misleading regulatory information. Most of the unregulated Forex brokers around the world regularly disguise themselves and claim to be licensed by the popular regulatory body, pretending to be a legitimate company.
MoneySENSE also offers advice to consumers on how they can stay protected and avoid fraud.
It is easy to check on theMAS website if a company is licensed or not.
To obtain a license, a broker must submit an application and provide a package of documents (in some cases, MAS may even request the company's business plan, as well as minutes of shareholders' meetings).
The candidate must fully comply with the following requirements:
· The company must have at least five years of experience in brokerage.
· Only official companies can be approved for a license.
· The future licensee must have an impeccable reputation; otherwise, MAS has the right to refuse to issue a license.
· The company must register in Singapore.
· The authorized capital of a broker cannot be less than 1,000,000 SGD.
· There should be at least two directors, and the CEO must be a citizen of Singapore.
It typically takes a minimum of two months or more to receive a decision on the license.
Singapore Financial Market
An exclusive geographical location and an attractive development strategy allowed Singapore to become one of the most successful countries, not only in Southeast Asia, but throughout the world.
Singapore's financial system is based on:
· A developed offshore banking sector, represented in the form of the Asian Dollar Market (ADM) and Asian Currency Units (ACU). It ensures the attraction of funds in the international and Asian capital markets to finance the growing Asian countries,
· One of the world's largest foreign exchange markets (5.7% of the world average daily turnover),
· A developed OTC derivatives market, specializing in foreign exchange and interest rate derivatives,
Singapore uses the territorial principle of taxation. Hence, if the company operates outside the country, taxes are not paid. Singapore is not included in the blacklists of offshore zones; an agreement on the avoidance of double taxation has been signed with more than 70 countries, but only resident companies can use it.
The country does not apply capital gain taxes. But when we talk about intraday profits, these may be considered not to be capital gain, but pure income. In this case, income taxes can be applied. The county has yet to develop a more transparent mechanism for taxing this type of profit. For now, there is no clear border between these income sources, and we may say that income from Forex is not taxable in Singapore.
What to Look for When Choosing a Forex Broker
Since individuals cannot directly participate in trading, they have to find an intermediary, i.e., a broker. The brokerage company participates in Forex trading on the behalf of individual traders. To get access to the Forex market, a trader must have:
· A trading account,
· Trading software.
These are provided by a brokerage company. You can get a trading account after registration on the company's website and then download the trading platform to your computer.
Furthermore, the brokerage provides the trader with leverage (borrowed funds), greatly increasing trading capabilities. Most brokers provide clients with a variety of information services, which usually include an economic calendar of events that can cause changes in currency quotes and various analytical tools allowing one to follow the price movements. But there are other important factors that you should take into account when choosing a broker:
Regulation. This is the first thing to pay attention to when choosing a broker. A license proves the reliability of the company. A list of licensed brokers can be found on the official website.
Currencies available for trading. Supported currency pairs are also a good indicator of a reliable broker. Most brokers will allow traders to trade major currencies such as the US dollar and the euro. Others offer exotic currency pairs. So, before joining a platform, make sure you can trade all the currency pairs you want.
Spreads and commissions. The spread is the difference between the purchase and sale prices of different currencies at a given time. During extremely volatile market conditions, spreads tend to increase, but you should check the spreads of Forex brokers during stable periods. The average spread for a popular pair, such as the dollar and the euro, should be around 3 Forex units, or pips. If spreads for major currencies rise above 5 points, that is a sign you should refuse to trade with that broker.
Customer service. Both beginners and experts may face technical difficulties when trading in the foreign exchange market. It is vital to check if the broker provides enough technical support, which is an indicator of a good broker. Before opening a trading account, find a minute to talk to technical support via chat or other channels.
Trading platform and tools. Every broker allows the installation of a trading terminal for free. A broker may have a proprietary platform, but all reputable companies offer to install the MetaTrader terminal.
Deposits and withdrawals. The most reputable Forex brokers always provide easy options for the deposit and withdrawal of funds. Therefore, if you have delays or experience delays with withdrawal, feel free to close the account.
Investor education and materials. Many brokers offer different forms of educational materials. The level of information provided varies from basic to professional. Do not skip this stage; choose a platform where you can sign up for Forex trading course Singapore if you make up your mind to become a trader.
Demo account. Usually, trading starts with a demo account. It allows you to avoid risks as you operate with virtual money. The main purpose of trading with a demo account is to study the terminal and learn how to make trades. All established brokers provide free demo accounts for beginners.
A market maker is a counterparty for the transactions of its clients. In simple words, it is one of the participants in the transaction, takingthe other side of the deal. When a trader sends a buy order from the terminal, a market maker tries to find an opposite order at the given price among its clients in order to satisfy the deal.
If a market maker does not have an opposite order inside, it must execute the client's incoming order at its own expense and stand on the opposite side of the transaction. Here, a conflict of interest arises. If a trader makes a wrong forecast, his losses often become the market maker's profits.
ECN (Electronic Communications Network) is a Forex system that allows traders to trade directly with each other. An ECN broker provides a platform where all trading participants (banks, market makers and individual traders) interact with each other, placing competitive buy and sell orders in the system. Thus, at any moment in time, a trader can execute his order at the best price that exists in the system. All trade orders are consolidated between the participants in real-time.
Thus, when trading via ECN, traders can determine the liquidity in the market and make successful trading decisions.
Our Methodology
These broker reviews were generated by a strong team of expert traders who have extensive experience in trading on various platforms. Unfortunately, it is a known fact that many reviews contain false information about trading platforms.
That is why we personally check all trading conditions to make sure they are true before publishing them on our website. Our priority is to provide honest, objective and consistent broker information. We recommend only trusted brokers who actually provide licensed services.
Forex trading is completely legal in Singapore. Anyone can exchange any currency at any amount on online trading platforms managed by brokerage companies.
Where can I trade Forex in Singapore?
To reach financial markets, you will need to create an account with an online Forex broker. After that, you will get access to a trading platform offering a variety of assets and analytical instruments.
Do Forex brokers cheat traders?
To avoid fraud, choose only reliable brokers. If you are going to trade in Singapore, focus only on the brokerage companies licensed by MAS.
What is the best time to trade Forex in Singapore?
Forex markets operate 24/5. So, you can trade at any suitable time from Sunday at 5 PM EST until Monday at 5 AM EST.
How to trade Forex in Singapore?
To get started, you need to register with an online trading platform, managed by an MAS-regulated Forex broker.
Huzefa Hamid is a retail Forex trader with substantial financial market knowledge and derivative products' expertise. He trades currencies, equities, futures, commodities, treasuries and options. Huzefa wrote the Fibonacci retracement levels course for FX Academy, as well as other courses, and is the author of dozens of articles about Forex trading and the online finance industry. Huzefa is an industry researcher and uses technical analysis for trading as he believes that technical indicators offer the cleanest way to predict the future direction of price movements.
To give you the best possible experience, this site uses cookies. If you continue browsing, you accept our use of cookies. You can review our privacy policy to find out more about the cookies we use.
